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155 EAST TROPICANA ANNOUNCES FOURTH QUARTER
AND FISCAL 2006 FINANCIAL RESULTS
Las Vegas, NV March 26, 2007 155 East Tropicana, LLC (the Company) today announced full year operating results for the period ended December 31, 2006. The Company owns the Hooters Casino Hotel in Las Vegas, Nevada, which celebrated its grand opening on February 2, 2006.
Operating highlights of 155 East Tropicana, LLC for the fourth quarter ended December 31, 2006, compared to the combined results of operations for 155 East Tropicana, LLC and Hôtel San Rémo Casino and Resort (Hôtel San Rémo) for the fourth quarter of 2005, are as follows:
- Net revenues were $16.8 million during the fourth quarter compared to net revenues of $4.4 million in the fourth quarter of last year
- Adjusted EBITDA was $2.4 million in the fourth quarter 2006, which compares to a loss of $2.1 million in the same quarter last year, but more significantly, represents an encouraging sequential increase from Adjusted EBITDA of $1.7 million in the third quarter of 2006.
During the fourth quarter of 2006, we continued to cut costs and to implement new initiatives designed to increase our slot play and hotel occupancy, stated Mr. Neil Kiefer, Chief Executive Officer. As is normal with opening a new gaming property in Las Vegas, we have remained focused on driving efficiencies at the property. Our new Chief Operating Officer, Gary Gregg and his team recently completed a thorough review of operations and are now preparing to launch several additional programs that should enhance performance in 2007.
Prior to the grand opening, renovation and re-branding, the Hooters Casino Hotel was formerly known as the Hôtel San Rémo. Through October 31, 2005, the Company leased the hotel and casino to Eastern & Western Hotel Corporation, the former owner and operator of the Hôtel San Rémo. The Company then assumed operational responsibility for the hotel and casino on November 1, 2005, after receiving its state gaming license. For comparative purposes, a separate balance sheet and statement of
The following information was filed by 155 East Tropicana, Llc on Thursday, March 29, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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